Problem 4 A lake company has provided the following data concerning last month's operations.

Direct materials

$24,000

Direct labor

$58,000

Manufacturing overhead cost applied to Work in Process

$87,000

Overapplied overhead

$1,000

Beginning

Ending

Raw materials inventory

$12,000

$17,000

Work in process inventory

$50,000

$77,000

Finished goods inventory

$28,000

$48,000

Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.

Given the cost of goods manufactured (COGM) for the month= $142,000, prepare a Schedule of Cost of Goods Sold for the month.

Item in COGS Schedule

Amount ($)

Beginning finished goods inventory

?

Cost of goods manufactured

?

Cost of goods available for sale

?

Ending finished goods inventory

?

Unadjusted cost of goods sold

?

(Overapplied/Underapplied overhead)

?

Adjusted cost of goods sold

?